House Passes SAFE Banking Act: First Cannabis Bill to Ever Pass a Chamber of Congress

This afternoon the United States House of Representatives voted to pass the SAFE Banking Act. The bill passed by a vote of 321 to 103. The SAFE Banking Act is the first cannabis reform legislation ever to pass a Chamber of Congress.

The bill still needs to make it through the Senate and the President. This is considered a huge win for US cannabis advocates and investors in the space. The biggest challenges from here appear to be Chair of the Senate Banking Committee Mike Crapo, Chair of the Senate Judiciary Committee Lindsey Graham, and Senate Majority Leader Mitch McConnell.

Simply put, the SAFE Banking Act allows cannabis businesses access to financial institutions. Because cannabis remains a Schedule 1 controlled substance, banks and credit unions cannot legally conduct business with cannabis companies.

From conversations with cannabis executives, we have been told that banking is currently possible, just much more expensive than it should be. Banks face possible repercussions such as being charged with ‘money laundering,’ thus charge extra fees for accepting the risk.

As C21 founding partner Todd Harrison has pointed out multiple times, the US cannabis sector needs more capital and any progress is good progress:

If you haven’t been paying attention, it has been a rough year for US cannabis operators:


Information for this commentary and analysis was found via Sedar and the linked sources in the article. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Canopy to Buy Right to Acquire 100 percent of the Shares of Acreage in Proposed $3.4B Deal

It’s official. Canopy Growth Corporation (TSE: WEED) has announced a deal to purchase a right...

Thursday, April 18, 2019, 02:07:27 PM

Ohio’s GOP-Controlled Senate Reverses Course, Passes Bill Expanding Marijuana Legalization

Ohio’s GOP-controlled Senate has approved a revised bill that expands on the voter-approved marijuana legalization...

Thursday, December 7, 2023, 02:07:00 PM

Republicans Want to Amend Law Prohibiting Medical Cannabis Users From Exercising Their Second Amendment Rights

Medical cannabis users in the US may soon be able to lawfully purchase and own...

Wednesday, January 18, 2023, 07:23:00 AM

US Gov’t Confirms Schedule III For Cannabis

The U.S. government has unveiled over 250 pages of documents, officially acknowledging the recommendation from...

Friday, January 12, 2024, 07:41:25 PM

Cannabis Industry Hit With Another Rumor

Amidst a flurry of rumors surrounding potential cannabis policy announcements from the White House, an...

Wednesday, February 7, 2024, 01:23:00 PM